Petrol prices were cut by 7 paise per litre in Delhi, Mumbai and Chennai

Oil-marketing companies slashed petrol prices while diesel rates were unchanged across the metros on Saturday. Petrol is priced at Rs. 71.03 per litre in New Delhi, Rs. 73.11 per litre in Kolkata, Rs. 76.64 per litre in Mumbai and Rs. 73.72 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website, iocl.com. Petrol prices were cut by 7 paise per litre in Delhi, Mumbai and Chennai. In Kolkata, the prices were reduced by 6 paise per litre.

Diesel rates were at Rs. 65.96 per litre in New Delhi, Rs. 67.61 per litre in Kolkata, Rs. 69.11 per litre in Mumbai and Rs. 69.72 per litre in Chennai.

(Globally, Brent crude fell 41 cents, or 0.6 per cent, to settle at $72.21 a barrel)

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country's requirement is met through imports.

Globally, oil prices edged lower on Friday due to demand fears amid a standoff in Sino-US trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions in Middle East shipments due to US-Iran political tensions, reported news agency Reuters.

Brent crude fell 41 cents, or 0.6 per cent, to settle at $72.21 a barrel. The global benchmark notched a weekly gain of about 2 per cent, having ended last week largely steady and fallen the week before.

US West Texas Intermediate crude fell 11 cents to end the session at $62.76, and gained about 1.7 per cent on the week.